senate Bill S4696

2021-2022 Legislative Session

Prohibits mortgagees from requiring mortgagors of certain real property to purchase flood insurance exceeding certain limits

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A4424 - Passed Assembly

  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

Your Voice

do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

view actions (23)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 01, 2022 referred to judiciary
delivered to senate
passed assembly
Jan 05, 2022 ordered to third reading cal.149
returned to assembly
died in senate
Jun 10, 2021 committed to rules
substitution reconsidered
May 26, 2021 3rd reading cal.1002
substituted for s4696
Jun 03, 2022 committed to rules
Jan 26, 2022 advanced to third reading
Jan 25, 2022 2nd report cal.
Jan 24, 2022 1st report cal.322
Jan 05, 2022 referred to judiciary
Jun 10, 2021 committed to rules
restored to third reading
substitution reconsidered
May 26, 2021 substituted by a4424
May 19, 2021 advanced to third reading
May 12, 2021 2nd report cal.
May 11, 2021 1st report cal.1002
Feb 09, 2021 referred to judiciary

Votes

view votes

Jan 24, 2022 - Judiciary committee Vote

S4696
15
0
committee
15
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Judiciary committee vote details

Judiciary Committee Vote: Jan 24, 2022

aye (15)

May 11, 2021 - Judiciary committee Vote

S4696
15
0
committee
15
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Judiciary committee vote details

Judiciary Committee Vote: May 11, 2021

aye (15)

Co-Sponsors

S4696 (ACTIVE) - Details

See Assembly Version of this Bill:
A4424
Current Committee:
Senate Rules
Law Section:
Real Property Law
Laws Affected:
Add §283, RP L
Versions Introduced in 2019-2020 Legislative Session:
S4629, A4770

S4696 (ACTIVE) - Summary

Prohibits mortgagees from requiring mortgagors of certain real property to purchase flood insurance exceeding a coverage amount that exceeds the outstanding mortgage thereon, or that includes coverage for contents.

S4696 (ACTIVE) - Sponsor Memo

S4696 (ACTIVE) - Bill Text download pdf 

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4696
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 9, 2021
                                ___________
 
 Introduced  by  Sens.  BRESLIN,  ADDABBO,  MAY -- read twice and ordered
   printed, and when printed to be committed to the Committee on  Judici-
   ary
 
 AN  ACT to amend the real property law, in relation to prohibiting mort-
   gagees from requiring mortgagors of certain real property to  purchase
   flood insurance exceeding certain limits

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The real property law is amended by adding  a  new  section
 283 to read as follows:
   §  283.  LIMITS  TO  COMPULSORY  FLOOD  INSURANCE.  NO MORTGAGEE SHALL
 REQUIRE A MORTGAGOR TO WHOM THE MORTGAGEE MAKES, INCREASES, EXTENDS,  OR
 RENEWS  ANY  LOAN OR LINE OF CREDIT SECURED BY IMPROVED REAL PROPERTY TO
 PURCHASE OR PAY FOR FLOOD INSURANCE ON SUCH PROPERTY:  (1) AT A COVERAGE
 AMOUNT THAT EXCEEDS  THE  OUTSTANDING  MORTGAGE  THEREON;  OR  (2)  THAT
 INCLUDES  COVERAGE  FOR  CONTENTS.  IN  EACH  INSTANCE WHERE A MORTGAGEE
 REQUIRES A MORTGAGOR TO PURCHASE OR PAY  FOR  FLOOD  INSURANCE  ON  SUCH
 PROPERTY,  THE  MORTGAGEE  SHALL  PROVIDE NOTICE TO THE MORTGAGOR OF THE
 NEED TO PURCHASE OR PAY FOR FLOOD INSURANCE THAT STATES THE FOLLOWING IN
 CLEAR AND CONSPICUOUS PRINT: 'PLEASE NOTE THAT THE  FLOOD  INSURANCE  WE
 ARE  REQUIRING  YOU TO PURCHASE WILL ONLY PROTECT YOUR CREDITOR/LENDER'S
 INTEREST IN YOUR PROPERTY. IT MAY NOT BE  SUFFICIENT  TO  PAY  FOR  MANY
 NEEDED  REPAIRS AFTER A FLOOD AND MAY NOT COMPENSATE YOU FOR YOUR LOSSES
 IN THE PROPERTY DUE TO THE FLOOD. IF YOU WISH TO PROTECT  YOUR  HOME  OR
 INVESTMENT,  YOU  MAY  WISH  TO  PURCHASE  MORE FLOOD INSURANCE THAN THE
 AMOUNT WE ARE REQUIRING YOU TO BUY.'
   § 2. This act shall take effect immediately.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05679-01-1

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.